Solvent find their usage in various industries for one or more applications. It is used as a carrier to dissolve pigments and other ingredients, as well as to enhance certain properties such as the density of solutions. The major application is paints and coatings, which accounts for a majority of the solvents usage, followed by the pharma industry, adhesives, cleaning of metals, printing inks, personal care products, manufacturing of rubber & polymers, and agricultural chemicals.
There are several types of solvents, which are suitable for one or more applications. The three major types of conventional solvents are oxygenated, hydrocarbon, and halogenated. Oxygenated solvents are the most widely used with hydrocarbon (specially aliphatic) and halogenated hydrocarbons being gradually phased out. Among all oxygenated solvents, alcohols are the most consumed solvents, followed by esters. Among all the green & bio solvents, alcohols and diols are the most consumed solvents, followed by lactate esters.
The current market demand is concentrated on environmentally safe solvents due to various regulations such as The Clean Air Act revisions of 1996 and Registration, Evaluation and Authorization of Chemicals (REACH) legislation of 2007. This is a driver for bio & green solvents, which will help increase its penetration in various end-user industries. Other market opportunities include high demand from emerging economies of the Asia-Pacific region such as China. This demand is derived from thriving industries in the region such as construction and automobile.
This report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, burning issues, and winning imperatives. Major companies such as Ashland (U.S.), BASF (Germany), Celanese (U.S.), Eastman Chemical Company (U.S.), ExxonMobil (U.S.), Honeywell (U.S.), Huntsman Corporation (U.S.), Ineos (Switzerland), LyondellBasell (U.S.), Sasol (South Africa), Shell Chemicals (The Netherlands), and Solvay (Belgium) have also been profiled in this report.
Scope of the report - On the basis of region: